图①：朱澳在调试设备。 哈工大党委宣传部供图 图②：杭州灵伴科技有限公司的AR系列眼镜产品。 新华社记者 刘金海摄 图③：工程师正在操作"江海号"盾构机。 范少文摄 哈工大国家卓越工程师学院探索多元化评价体系 获得学位，可凭多种实践成果 本报记者 方 圆 "这哪是实验室？简直是材料界的'变形金刚'！"在中国建筑第三工程局有限公司先进技术研究院的模拟 舱前，哈尔滨工业大学（以下简称"哈工大"）国家卓越工程师学院博士研究生周泽林举起手机连拍几张 照片。 他眼前的2立方米密闭测试舱，正在模拟整栋建筑的温湿度环境，测试着以公斤为单位的制备材料。这 与他熟悉的校园实验室形成鲜明对比——在校园实验室，10厘米长的石英玻璃管里，0.5克同类型材料 正在精密仪器下接受微观检测。 "来企业实践，我开始跳出单线程思维，练就'眼观六路'的系统工程'脑回路'。我渐渐明白，搞技术攻关 得把高校的前沿成果、企业的工程经验、政策扶持的方向，统筹结合起来。"周泽林说。 周泽林的成长，离不开哈工大国家卓越工程师学院的人才培养体系。 2022年，教育部公布全国首批国家卓越工程师学院建设单位，哈工大位列其中。3年来，哈工大国家卓 越工程师学院与多 ...

Core Insights - VITURE, an AR glasses brand founded by a Chinese team, dominates the AR glasses market in 15 European and American countries, holding a 52% market share in the U.S. [1][9] - The brand gained significant recognition during major shopping events, achieving sales leadership in multiple countries [1][12] Company Overview - VITURE was established in 2021, with headquarters in Beijing and San Francisco. The founder, Jiang Gonglue, is a Harvard graduate and a former member of the Google Glass team [3] - The first product, VITURE ONE XR glasses, raised $3 million in a month on Kickstarter, breaking the previous record held by Oculus [3][6] Product Features - VITURE ONE XR glasses support remote cloud streaming with a latency of less than 12 milliseconds on a 5G network, allowing users to enjoy a 135-inch immersive experience anywhere [4] - The glasses feature a unique electrochromic function that can change color in 0.1 seconds, blocking 99.5% of light, enhancing user experience in various environments [4] Market Performance - In 2023, VITURE ONE XR glasses were officially launched in North America, receiving widespread acclaim and multiple awards from top tech media [6] - VITURE achieved a 52% market share in the North American AR glasses market by Q4 2024, making it the leading brand in the region [9] Strategic Partnerships and Innovations - VITURE partnered with a well-known gaming peripheral brand to launch a co-branded game controller, enhancing its gaming ecosystem [6] - The company is set to introduce a new product, VITURE Pro XR glasses, in 2024, which will feature flagship-level specifications [6] Upcoming Developments - VITURE plans to launch a groundbreaking AI-driven technology in late 2024 that converts 2D digital content into 3D images, enhancing user interaction with digital content [8] - The company will participate in the upcoming Cologne Game Show, showcasing its latest AR glasses products to European players [12]

Core Viewpoint - Yangjie Technology (300373) has launched new products that align with the demand for compact digital devices, particularly in the AR glasses sector [1] Group 1 - The company emphasizes the importance of developing new products to seize market opportunities [1] - Yangjie Technology has made relevant product and research deployments in applicable scenarios [1]

Summary of the Conference Call Industry Overview - The conference call discusses the **media industry**, specifically focusing on the rise of **short dramas** and their impact on the industry by 2025, drawing parallels to the **2005 online gaming** boom [1][5][9]. Key Points and Arguments - **Short Dramas as a New Content Form**: Short dramas signify the internet productization of film and television content, reshaping production, distribution, and monetization processes. They are characterized by scalability, low cost, rapid iteration, and high success rates, optimizing the media business model [1][2][7]. - **AI's Impact on the Media Industry**: AI technology is expected to have a more significant impact on the film and television industry than on gaming, enhancing production capacity, methods, and distribution, making it easier to generate content [1][6][15]. - **Historical Context of Media Industry Trends**: The media sector has experienced multiple phases, with a significant downturn after 2015, hitting a low in 2022. The anticipated recovery starting in 2024 is expected to last for seven to eight years, similar to the recovery seen in 2005 [1][8][9]. - **Integration Logic and Acquisition Opportunities**: The expected upturn in the media industry in 2025 is based on integration logic and opportunities to acquire promising companies. The transition from PGC (Professionally Generated Content) to UGC (User Generated Content) is a key indicator of this upturn [5][16]. - **Short Dramas and User Engagement**: Short dramas cater to users' habits of consuming quick stories, utilizing web literature promotion and algorithmic recommendations to reach niche audiences. This decentralized creation process allows for low-cost experimentation and rapid feedback [1][7][14]. Additional Important Insights - **Comparison with Online Gaming**: Short dramas are likened to online games in their ability to create blockbuster content. They serve as a bridge between long-form dramas and interactive media, potentially leading to new content forms in the AI era [2][4][18]. - **Investment Considerations**: When selecting stocks in the media sector, it is advised to focus on companies with strong integration capabilities, such as Wanda Film, and those with significant potential that may not be widely recognized [3][19]. - **Future of the Media Industry**: The media industry is undergoing a consolidation trend, with leading companies playing a crucial role. The emergence of new content forms and blockbuster productions is expected to drive this transformation [16][18]. This summary encapsulates the essential insights from the conference call, highlighting the transformative potential of short dramas and AI in the media industry, along with investment strategies and historical context.

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 57.2 billion yuan [3] - The U.S. stock market saw all three major indices close higher, with the Dow Jones up 0.49%, Nasdaq up 0.94%, and S&P 500 up 0.61% [4] - Bitcoin reached a historic high of $112,000, with a current price of $111,181, marking a year-to-date increase of approximately 19% [4] Group 2 - International oil prices experienced a slight decline, with WTI crude oil down 0.06% at $68.29 per barrel and Brent crude down 0.03% at $70.13 per barrel [5] - European stock indices closed higher, with Germany's DAX up 1.42%, France's CAC40 up 1.44%, and the UK's FTSE 100 up 0.15% [6] Group 3 - The State Council issued a notice to enhance employment support policies, focusing on stabilizing employment, enterprises, markets, and expectations to promote high-quality economic development [7] - The State Administration for Market Regulation held a meeting on fair competition, emphasizing the need for fair competition governance and anti-monopoly enforcement [8] Group 4 - The Ministry of Industry and Information Technology opened an online feedback window for key automotive companies to address issues related to payment cycles for small and medium-sized enterprises [9] - The National Health Commission issued a ban on two surgical procedures for treating Alzheimer's disease and type 2 diabetes [10] Group 5 - The Ministry of Culture and Tourism announced a zero-tolerance policy towards forced shopping in the tourism market, launching a year-long special rectification campaign [10] - The State Council appointed new officials, including Yang Weilin as Deputy Minister of Public Security and Wu Zeng as Deputy Minister of Justice [11] Group 6 - Alibaba completed the issuance of zero-coupon convertible bonds totaling 12.023 billion HKD, maturing in 2032 [16] - BYD announced the achievement of L4-level smart parking technology, promising full liability coverage for users in China [18] - Li Auto announced the official release of its family-oriented electric SUV, the Li Xiang i8, on July 29 [20] - NIO announced the completion of its 1,000th highway battery swap station, enhancing its charging network across major cities [22] - China National Petroleum Corporation reported that the Kashagan oil field's cumulative oil production has surpassed 1 billion barrels [24] - A significant board reshuffle occurred at Sinovac Biotech, with SAIF Partners gaining majority control [25] - Zhiyuan Robotics responded to speculation about a reverse merger, stating no significant changes are planned in the next 12 months [27] - Amap launched an AR check-in feature to enhance user interaction and engagement [28] - Chayan Yuesheng announced its entry into the North American market through e-commerce [30] - Linda Yaccarino, CEO of X platform, announced her resignation, raising questions about the company's future direction [32]

Core Insights - The global e-commerce industry is undergoing significant transformation driven by the rapid development of technology, particularly artificial intelligence (AI), with B2C e-commerce sales projected to reach $6.1 trillion in 2024 [1] - China and the United States remain dominant players in the e-commerce market, while emerging markets like India and Indonesia are experiencing remarkable growth [1][2] - AI applications in e-commerce are creating substantial value, enhancing personalized shopping experiences, optimizing supply chains, and improving customer support [11][12] Group 1: Market Overview - The e-commerce sector is characterized by the rise of mobile and social commerce, providing unprecedented shopping convenience for consumers in China [1] - The U.S. e-commerce market is known for its convenience, personalization, and efficient logistics services [1] - Emerging markets like India and Indonesia are rapidly expanding their e-commerce scales due to internet proliferation and digital payment advancements [1] Group 2: AI Applications - AI technologies, including generative and agent-based AI, are revolutionizing the retail industry, with personalized recommendations contributing up to 35% of sales for companies like Amazon [2] - Visual search and image recognition technologies allow consumers to find similar products quickly using images [2] - AI enhances product visuals, filters fake reviews, automates inventory management, and optimizes pricing strategies [2][11] Group 3: Future Trends and Challenges - The introduction of blockchain technology is expected to significantly enhance payment security, while live commerce is providing more interactive shopping experiences [4] - Generative AI is being applied in smart marketing, making advertising more precise and effective [4] - Despite the potential of AI, challenges such as data quality, costs, privacy protection, and technical complexity need to be addressed for AI to realize its full potential in e-commerce [7]

Core Insights - The global language services market is projected to reach $53.91 billion in 2024, increasing to $61.87 billion in 2025, and potentially exceeding $90.82 billion by 2029, with China's market expected to grow by 20% to approximately 198.2 billion RMB in 2024 [1][2]. Company Overview - Liangliang Vision, a Chinese AR company, has been actively entering the billion-dollar language services market, leveraging its 11 years of experience in augmented reality technology [1][3]. - The company has developed smart glasses that have been implemented in various B2B scenarios, including manufacturing, healthcare, security, and logistics [1][3]. Product Launch and Features - The company launched the Leion Hey2 AR translation glasses in Seoul, capable of real-time translation in over 100 languages within 0.5 seconds, targeting diverse scenarios such as international meetings and travel [2][5]. - The Leion Hey2 weighs 49 grams and can operate continuously for 8 hours, with a portable case extending its battery life to 96 hours, achieving a balance in the "lightweight-performance-endurance" triangle [7][9]. Market Strategy - Liangliang Vision aims to consolidate its leading position in the enterprise market while strategically expanding into the global consumer market with the Leion series [5]. - The company has received significant investment from various institutions and has established a strong market presence, holding approximately 60% of the professional AR device market share in China [3][4]. Technological Innovation - The company has accumulated over 270 AR-related patents, covering critical areas such as optical design and AI algorithms, creating a robust technological moat [9]. - The integration of AI capabilities into AR devices has enabled large-scale applications in sectors like healthcare and security, enhancing the overall user experience [9]. Future Outlook - The AR glasses market is expected to grow rapidly, with the potential for AR devices to become as ubiquitous as smartphones, driven by increasing demand for cross-language communication and smart assistant applications [9].

Core Viewpoint - Zhejiang Biyi Electric Co., Ltd. has decided to waive its preferential rights for the transfer and subscription of shares in its associate company, Shanghai Lipai Optical Technology Co., Ltd., which constitutes a related party transaction [1][4]. Summary by Sections 1. Overview of Related Party Transaction - The company holds a 4.9741% stake in Shanghai Lipai Optical Technology Co., Ltd. and plans to waive its preferential rights in the upcoming share transfer and capital increase [1][2]. - The transaction involves Biyi Group Ltd., the company's controlling shareholder, and other parties, with the aim of facilitating the production of AR glasses in the company's facilities [2][3]. 2. Details of the Share Transfer - The original shareholder, Shanghai Kaifeng Kaitai Venture Capital Partnership, intends to transfer 1.9091 million RMB of registered capital, corresponding to a 1.0314% equity stake, to the transaction parties [2][3]. - Biyi Group will invest 2.553191 million RMB to acquire 0.6584% of the equity [3]. 3. Details of the Capital Increase - A new round of financing will raise 43 million RMB, with Biyi Group contributing 27.446809 million RMB for a 3.2490% stake in the increased registered capital [3][6]. - After the capital increase, the registered capital of Lipai Optical will change to 195.0196 million RMB [3]. 4. Impact on Company Holdings - Post-transaction, the company's stake in Lipai Optical will decrease to 4.7209% [13]. - The transaction does not constitute a major asset restructuring and will not affect the company's consolidated financial statements or operational results significantly [4][14]. 5. Related Party Information - Biyi Group is identified as the controlling shareholder and is classified as a related party under relevant stock exchange rules [4][5]. - The company has engaged in over 30 million RMB of related party transactions with Biyi Group in the past 12 months [2][4]. 6. Valuation and Pricing - The valuation of Lipai Optical's total equity was assessed at approximately 718.9352 million RMB based on a report from Kunshan Zhongxin Asset Appraisal [6][5]. - The pricing for the share transfer was determined through negotiation among the parties involved, ensuring fairness and compliance with legal standards [6].

Market Overview - The smart glasses market in China has seen a significant increase in demand, with a projected shipment of 494,000 units in Q1 2025, representing a year-on-year growth of 116.1% [1] - The audio and audio-capturing glasses segment is particularly strong, with expected shipments of 359,000 units, marking a 197.4% increase [1] - Globally, the smart glasses market is anticipated to reach 14.518 million units by 2025, with China contributing 2.907 million units, reflecting a growth of 121.1% [1] Factors Driving Growth - The growth in smart glasses sales is attributed to three main factors: the integration of AI large models with AR technology, government subsidy policies enhancing product affordability, and continuous product innovation towards lightweight and diversified designs [1] - The development of AI large models has significantly improved the interactivity and practicality of smart glasses, while breakthroughs in AR technology have enhanced user experience [1] Industry Developments - Several manufacturers are launching new products to capture market share, including Rokid's launch of the first globally payable smart glasses and Meta's collaboration with Oakley for new AI glasses [2] - The price range for released products is generally between 1,000 to 3,000 yuan, facilitating wider adoption among consumers [2] - During the "6·18" shopping festival, popular models like the Thunder V3 were sold at discounted prices, further driving sales [2] Stock Market Performance - In the A-share market, there are 50 stocks related to smart glasses, with an average increase of 1.68% on June 18, and some stocks like Zhuoyue Technology and Shengli Precision seeing gains over 5% [2] - The smart glasses sector has shown strong performance this month, with an average increase of 6.44%, and 13 stocks achieving over 10% cumulative growth [2] Financial Performance - The profitability of smart glasses stocks has improved significantly, with a total net profit of 8.781 billion yuan in Q1, representing a year-on-year growth of over 20% [3] - Among the companies, Hengxuan Technology reported the highest growth in net profit, achieving 191 million yuan, a staggering increase of 590.22% [3] - The trend indicates that over 60% of the companies in the smart glasses sector have reported positive financial results, with many transitioning from losses to profitability [3]

Core Insights - Microglow Technology has successfully completed nearly 50 million yuan in Pre-A round financing, led exclusively by Dinghan Investment, to support the development of a new generation of AR products and the innovative "New Intelligent Human Plan" [2] - The company aims to create a new path for human-machine hybrid augmented intelligence, distinct from brain-computer interfaces, by integrating AI domain-specific intelligent agents with AR technology [2] - The founder and CEO, Dai Zhaoen, has extensive international experience, including participation in NASA's Perseverance Mars mission and overcoming production bottlenecks at Tesla [2] Product Launch - Microglow Technology has launched the Xuanjing M5 smart AR clip-on glasses, weighing only 25.8 grams, which gained significant attention at the 2025 CES [3] - The product has successfully balanced virtual large-screen display, long battery life, and high computing power under ultra-light conditions, and features a modular design catering to both existing glasses users and non-users [3] - The Xuanjing M5 achieved top rankings in multiple categories on JD.com within just four hours of its launch, with a 100% user satisfaction rate, showcasing strong market competitiveness [3] Industry Trends - The AR glasses industry is at a critical juncture for explosive growth, driven by technological breakthroughs, accelerated AI model advancements, and decreasing supply chain costs [4] - Microglow Technology has introduced the "New Intelligent Human Plan," allowing 10,000 early adopters to exchange their old devices for new ones annually for three years, addressing concerns about rapid product iteration [4] - This initiative aims to create a feedback loop from user experience to product development, continuously driving AR technology innovation [4] Future Plans - Following the recent financing, Microglow Technology will focus on technology research and user service, aiming to integrate AI domain-specific intelligent agents with AR technology to develop next-generation smart glasses [5] - The company plans to release two full-color smart AR glasses by 2025, enhancing user experience and accelerating the application of AR technology [5] - The financing will support the "New Intelligent Human Plan," ensuring early adopters can continuously experience cutting-edge AR technology, contributing to the advancement of human-machine collaboration [5]